Shares of Omkar Speciality Chemicals crashed 56.5 per cent to close at Rs 46.2 against the issue price of Rs 98 on the BSE on its listing day on Thursday. The scrip opened at Rs 95 and touched a high of Rs 101 and a low of Rs 42.5. It closed at Rs 46.2.

On the NSE, it opened at Rs 92, touched a high of Rs 101 and a low of Rs 42.05, before closing at Rs 42.6.

A total of 4.74 crore shares of Omkar Specialty were traded on the BSE and NSE on Thursday..

Omkar Speciality's debut is one of the worst seen over the last one year.

The company's initial public offering was subscribed 4.67 times. It received bids for 3.77 crore shares against the 81 lakh shares on offer.

The retail portion was subscribed 9.9 times and HNI by 5.27 times. The institutional portion was not fully subscribed. It received bids for 33.2 lakh shares against the 40.5 lakh shares on offer to them.

The price band of the IPO was fixed at Rs 95- Rs 98. Ratings agency CARE had assigned ‘Grade 3' to the company's IPO, indicating average fundamentals.

The promoters of the company own 58.7 per cent stake in the company as on February 5, 2011. The public holds 41.27 per cent, where Axis Bank owns 5.2 per cent and Taib Securities Mauritius 8.24 per cent. Other institutions that own stake in Omkar Speciality include India Max Investments and Credit Suisse.

According to NSE bulk deals, Credit Suisse sold 3.95 lakh shares at an average price of Rs 51.71 and bought 1.44 lakh shares at Rs 59.12 while India Max Fund sold 1.04 lakh shares at Rs 59.11 and another one lakh shares at Rs 58.74 on the BSE.

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